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15 Sep, 2023 12:01

US imposes sanctions on Russian automakers

Over 100 entities and 20 individuals have been included on Washington’s blacklist
US imposes sanctions on Russian automakers

The US authorities have expanded Ukraine-related sanctions on Russia, adding 20 nationals and more than 100 companies to its updated blacklist.

The latest list released by the Office of Foreign Assets Control (OFAC) of the US Treasury on Thursday includes Russian automakers AvtoVAZ, Moskvich, GAZ Group, Sollers, as well as state-owned road company Avtodor, and the country’s largest manufacturer of locomotives and rail equipment Transmashholding. Ak Bars Bank, one of the leading Russian regional universal lenders, has also been sanctioned.

The measures also target former president of Transmashholding, Andrey Bokarev, and the head of Ural Mining and Metallurgical Company, Iskander Makhmudov. Both have had their US-based assets frozen while all US-based transactions have been blocked.

Igor Altushkin, the founder and largest shareholder of the country’s third-largest copper producer, Russian Copper Company (RMK), was also added to the list of sanctioned individuals.

The US Treasury Department has also sanctioned more than 150 foreign companies and individuals from Türkiye, the UAE and Georgia in an attempt to crack down on evasion of penalties previously imposed on Russia.

According to the State Department, these entities had assisted in the transfer of “dual-use goods” like drone cameras, high-performance optical filters, and lithium batteries to Russia, as well as providing ship-repair services to bodies affiliated with Russia’s Ministry of Defense.

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